In practical terms, because of the inevitable feedback loop, yes. Building more housing creates more demand for housing.
If SF built more houses, then rent would drop and thus more businesses/jobs could be profitable at the same standard of living. The more jobs there are, the more demand for housing there is. And if people move into those new houses then the city has a larger userbase for any locally-focused businesses.
This whole loop is why cities keep growing.
In other words, meeting the demand for housing creates more demand for housing.